Cap 2 SFMA Assessment Study Group

autumnbelle · 16-06-2013 11:36AM

In q 14 herd in Margaret's questions for goat good will working 1 how did they get 3220 for retained earnings when in the q retained earnings at acq are given as 3134? Anyone

So sick of there solutions

mark_m360 · 16-06-2013 11:55AM

autumnbelle wrote: »

In q 14 herd in Margaret's questions for goat good will working 1 how did they get 3220 for retained earnings when in the q retained earnings at acq are given as 3134? Anyone and it says pref shares in step 3 but not a number or wat to do with them? So sick of there solutions

Goat was purchased on 1st March so bring in the first two months of the profit for the year.
So its Opening Acq of €3,134 + (516/12*2) = €3,220.

autumnbelle · 16-06-2013 11:55AM

mark_m360 wrote: »

Goat was purchased on 1st March so bring in the first two months of the profit for the year.
So its Opening Acq of €3,134 + (516/12*2) = €3,220.

Thanks brain is dying:/

500-70 is 428 in there solution

ah can't wait for the exams to be done

mark_m360 · 16-06-2013 12:20PM

autumnbelle wrote: »

Thanks brain is dying:/ 500-70 is 428 in there solution ah can't wait for the exams to be done

I have seen a couple errors in these solutions but at least they are not as bad as the SFMA ones!

I'm finding it hard to motivate myself for study. I still have so much to do and time is dwindling.

If you are stuck on understanding a solution email Margaret. She is quick with her replies and is also very helpful.

autumnbelle · 16-06-2013 02:41PM

mark_m360 wrote: »

I have seen a couple errors in these solutions but at least they are not as bad as the SFMA ones!

I'm finding it hard to motivate myself for study. I still have so much to do and time is dwindling.

If you are stuck on understanding a solution email Margaret. She is quick with her replies and is also very helpful.

Yeah I know the feeling I'm the exact same

PhilipLuke · 16-06-2013 05:03PM

Auditing Paper Summer 2011 Q1 (b)

Substantive Analytical procedures depreciation calculation, the solution provided is incorrect also.

cian twomey · 16-06-2013 05:17PM

PhilipLuke wrote: »

Auditing Paper Summer 2011 Q1 (b)

Substantive Analytical procedures depreciation calculation, the solution provided is incorrect also.

exams are hard enough without putting up wrong solutions, imagine if you had failed any of those papers by 1 or 2 marks because you were been marked by a wrong solution!

ASOT2012 · 16-06-2013 05:21PM

PhilipLuke wrote: »

Auditing Paper Summer 2011 Q1 (b)

Substantive Analytical procedures depreciation calculation, the solution provided is incorrect also.

I think there was a couple of mistakes in the solution for that part alone!

PhilipLuke · 16-06-2013 06:43PM

ASOT2012 wrote: »

I think there was a couple of mistakes in the solution for that part alone!

Only subject that I haven't noticed mistakes in is Tax

PhilipLuke · 16-06-2013 07:23PM

SFMA Autumn 2010 solution Q1 (e)

The restructuring solution
Year 5 cashflow in perpuity is discounted using year 4 discount rate of .712
This should be y5 rate of .636 would I be right?

I think it should

autumnbelle · 16-06-2013 07:58PM

No it's always the previous yr as its to take into account that its paid at the end or the year. Are the mistakes easily fixed in the audit? Starting to get a real sick feeling bout these exams

PhilipLuke · 16-06-2013 08:06PM

autumnbelle wrote: »

No it's always the previous yr as its to take into account that its paid at the end or the year. Are the mistakes easily fixed in the audit? Starting to get a real sick feeling bout these exams

Yeah the Audit was only a basic mistake! Yeah I get what you are saying but the cashflow is a year 5 cashflow in perpuity so should it not be discounted back to the end of year 5? by using yr 4 rate you are discounting back to start of year 5 which does not make sense

PhilipLuke · 16-06-2013 08:12PM

autumnbelle wrote: »

No it's always the previous yr as its to take into account that its paid at the end or the year. Are the mistakes easily fixed in the audit? Starting to get a real sick feeling bout these exams

Yeah I just revised free cashflows and I can see you are right!!
Thats another area I am clear on now for the exams

CW1989 · 16-06-2013 11:56PM

"When you calculate the terminal Value of the cash flows you use the last year discount factor because it is x years later than the basis calculation assumes. In this case you use the 4th year rate because you are not receiving it for 4 years, it is assumed to be at the start of year 5 ie. end of year 4." This is what our lecturer said, what you guys think, make sense?

PhilipLuke · 17-06-2013 07:42AM

CW1989 wrote: »

"When you calculate the terminal Value of the cash flows you use the last year discount factor because it is x years later than the basis calculation assumes. In this case you use the 4th year rate because you are not receiving it for 4 years, it is assumed to be at the start of year 5 ie. end of year 4." This is what our lecturer said, what you guys think, make sense?

Yeah I get it now when you calculate a cashflow im perpuity it is deemed the first payment is at the start of the year so to get present value multiply by the discount rate for the beginning of the year ie previous years discount rate

autumnbelle · 17-06-2013 08:32AM

PhilipLuke wrote: »

Yeah I get it now when you calculate a cashflow im perpuity it is deemed the first payment is at the start of the year so to get present value multiply by the discount rate for the beginning of the year ie previous years discount rate

What ways ur sfma folder organised

PhilipLuke · 17-06-2013 09:07AM

autumnbelle wrote: »

What ways ur sfma folder organised

Two folders one Mgmt and one Finance, both laid out in order from session 1 through to the last session with dividers between each session labeled for example session 4 company valuations and included in this I have all notes both Chartered and some of my own

autumnbelle · 17-06-2013 10:03AM

PhilipLuke wrote: »

Two folders one Mgmt and one Finance, both laid out in order from session 1 through to the last session with dividers between each session labeled for example session 4 company valuations and included in this I have all notes both Chartered and some of my own

I've nothing for management except variances then toms notes done in order of competency statement feel no further on then in mocks! I've two days left to sort it out, just feel lost with exam papers

LillyBu · 17-06-2013 10:12AM

Are any of the exams open book? I know we are allowed to take in the PQA to the audit exam anything else does anyone know?

PhilipLuke · 17-06-2013 10:27AM

autumnbelle wrote: »

I've nothing for management except variances then toms notes done in order of competency statement feel no further on then in mocks! I've two days left to sort it out, just feel lost with exam papers

Not much else in Mgmt really!!! Ah we will be grand!!

PhilipLuke · 17-06-2013 10:27AM

LillyBu wrote: »

Are any of the exams open book? I know we are allowed to take in the PQA to the audit exam anything else does anyone know?

All Open Book except Tax

LillyBu · 17-06-2013 10:29AM

PhilipLuke wrote: »

All Open Book except Tax

Thanks! I would have landed in with only a pen and a calculator for them all!

autumnbelle · 17-06-2013 10:33AM

PhilipLuke wrote: »

Not much else in Mgmt really!!! Ah we will be grand!!

I'm telling myself I have to be

it's all I've done for last however many months its just panic sinking in. Any one subject on its ok wud be ok it's just so much together!! I've worlds biggest suitcase with me too

) as I have loads of folders!!!

Miller1990 · 17-06-2013 10:34AM

How are people going about answering Audit & SFMA?

Was thinking get Section B done quickly first then leaving loads of time for Q1 then go back to Section B if i need to?

autumnbelle · 17-06-2013 10:43AM

Miller1990 wrote: »

How are people going about answering Audit & SFMA?

Was thinking get Section B done quickly first then leaving loads of time for Q1 then go back to Section B if i need to?

For audit I'm doing one in b and then a and for sfma I have no idea but I'm sticking to time

... Hopefully anyway

PhilipLuke · 17-06-2013 10:52AM

autumnbelle wrote: »

For audit I'm doing one in b and then a and for sfma I have no idea but I'm sticking to time ... Hopefully anyway

I am going to tackle Q1 first as there are so many marks going for it! I will give myself a set time and move on to section b if I run over it. I aim to attemt everything leave no marks behind

autumnbelle · 17-06-2013 10:58AM

PhilipLuke wrote: »

I am going to tackle Q1 first as there are so many marks going for it! I will give myself a set time and move on to section b if I run over it. I aim to attemt everything leave no marks behind

Me too even if I've not a clue I'm gonna try my best

Imported but · 17-06-2013 11:01AM

LillyBu wrote: »

Are any of the exams open book? I know we are allowed to take in the PQA to the audit exam anything else does anyone know?

Hey LillyBu -

All except Tax are open book (which means for SFMA you have to bring your own PV tables etc. or look up them up in the book - they aren't supplied.)

For tax you are given a few pages of reference material and you can't bring anything in.
For the other three you can bring any of your notes and textbooks.

There is 5 minutes towards the end of the recorded Audit revision course day 2 (from 04:17 - 04:22) on 'Suggested File Structure' I suggest you look at this.

CAP2 AUDITING AND ASSURANCE REVSION 8 JUNE - LIVE STREAM
http://mediasite.charteredaccountants.ie/mediasite/Viewer/?peid=95a0357421ca4cf0a192e220bdd97f111d&authTicket=7cbac71e86e64dc48e936b008921bfa6

PhilipLuke · 17-06-2013 11:02AM

autumnbelle wrote: »

Me too even if I've not a clue I'm gonna try my best

Just reading examiners reports to see where students fall down and why there is such a high failure rate and was surprised at the level of mistakes that were being made!!

autumnbelle · 17-06-2013 11:21AM

PhilipLuke wrote: »

Just reading examiners reports to see where students fall down and why there is such a high failure rate and was surprised at the level of mistakes that were being made!!

Mistakes students are making?

Cap 2 SFMA Assessment Study Group

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